'Clown Show' Account Hack Won't Affect Wednesday Bitcoin ETF Approval Deadline, Analysts Say
Portfolio Pulse from Khyathi Dalal
The SEC's hacked Twitter account falsely indicated approval of a Bitcoin ETF, causing Bitcoin's price to fluctuate and over $200 million to be liquidated. Despite concerns, analysts believe the Wednesday deadline for ETF approval will not be affected. Nate Geraci of ETFStore and Ophelia B Snyder of 21Shares both expect the process to continue as scheduled. An SEC spokesperson confirmed that any approvals would be reflected in the EDGAR database. A poll by Shardi B Trading showed market confidence shaken, but Reuters sources and eTORO analyst Josh Gilbert remain optimistic about the approval and potential for a 'sell the news' event.
January 10, 2024 | 4:13 pm
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NEUTRAL IMPACT
The SEC's hacked account led to a false Bitcoin ETF approval announcement, causing Bitcoin's price to fluctuate and over $200 million in liquidations. Analysts believe the ETF approval process will proceed, potentially leading to short-term 'sell the news' events.
The direct impact on Bitcoin's price due to the SEC's hacked account and the subsequent false ETF approval news has already occurred, with a noted price drop and liquidations. However, the general consensus among analysts is that the approval process will continue unaffected, which could stabilize the price. The potential 'sell the news' event mentioned by Josh Gilbert suggests that any short-term price increase might be followed by a drop if the ETF is approved.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100